Swiss Banking and Finance

Banking and finance play an extremely important role in the Swiss economy. The Swiss franc is one of the most stable currencies in the world. Switzerland's capital market is one of the most important in the world. Switzerland's two major banks: UBS and Credit Suisse, are leaders in the world's banking industry.

Switzerland is a world leader in "personal banking", that is, private asset management. Swiss banks attract 35% of private and corporate foreign funds. UBS and Credit Suisse earn a third of their profits from private deposits.

In 2001, there were approximately 15 privately operated banks in Switzerland. Private banks are run by wealthy private individuals; bankers are personally responsible for all banking activities. In other words, if the bank fails, the banker may lose all of his personal assets. Some large commercial banks have begun to provide similar services, increasing competition and putting private banks under pressure to merge.

Other foreign banks, such as German banks and the British bank Barclays, have made Geneva a center for their private equity banking industries.

There is also a banking union network in Switzerland, namely Raiffeisen. This bank union has 537 branches, mainly located in rural or suburban areas. Each branch enjoys autonomy, bank members have the right to participate in decision-making, and everyone is responsible for the future of the branch.

In 2004, there were more than 115,600 full-time employees in the Swiss banking sector, 16,000 of whom worked in other countries.

For hundreds of years, Swiss banks have been world-famous for their strict banking secrecy, which has made them synonymous with huge deposits and underworld money laundering. However, are Swiss banks really what they are described in detective novels or Hong Kong and Taiwan movies? What's going on with anonymous accounts? Here we will unveil the mystery of "Swiss Bank" for you.

Switzerland has no underground mineral deposits. It relied on the banking industry after World War II. So far, Swiss bank deposits account for 1/3 of the world's total savings.

Swiss Bank has always been considered the most trustworthy bank in the world. About a quarter of the world’s personal wealth is stored here. Political figures, business tycoons and entertainment stars from various countries all put their deposits in it. Switzerland feels at ease, which has also created Switzerland’s world-famous financial industry.

·How to understand the bank secrecy system?

Bank confidentiality for customers refers to the bank's obligation to remain silent on all matters related to customers. This is also a right of the customer, as they are the owners of the protected data and information. The banking secrecy system protects the personal rights and interests of customers. It is comparable to other professional confidentiality systems, such as those of doctors and lawyers. The protection of private rights and interests is the basis of Swiss law and is clearly stipulated in the Federal Constitution (see Article 13 of the Federal Constitution).

·Can I open an anonymous account in Switzerland?

No, this is impossible. Banks require staff to follow the "know your customer" principle and must confirm the identity of each customer who opens a new account and their financial legitimacy. In order to control money transactions with criminal origins, each bank has established its own strict, internationally recognized identity authentication regulations.

·Is the number account an anonymous account?

No. Contrary to what detective novels, spy movies and some media outlets report, anonymous accounts do not exist in Switzerland. The names of account number customers are public to a small group of people within the bank. Banks use the same banking secrecy for account numbers as for other account customers.

·Does bank secrecy hinder global tax rationalization?

Each country is responsible for their proprietary tax system and reasonable tax load. Every government must understand that a growing tax burden will weaken a country's attractiveness and lead to tax evasion under the pretext of overload. Therefore, what exists in taxation is not a problem of rationalization, but a trend of tax competition. Bank secrecy poses no obstacle to this goal.

·How to open a personal bank account in Switzerland?

They all hold Residence Permit B (Residence Permit B) in Switzerland. The minimum deposit for opening an account is 5,000 Swiss francs. The residence permit is valid for 5 months. After opening the account, 500 Swiss francs will be frozen. If the student leaves Switzerland and continues to use this account, he must have 100,000 Swiss francs on the account. Otherwise, the account must be canceled and the bank will refund the CHF 500 deposit.

No matter which country you are from, if you hold a Swiss permanent residence permit C, you have the same conditions for opening an account as a Swiss.

·How to open a Swiss bank company account?

1. Notify Ruifeng two days in advance to facilitate contacting the bank and making an appointment for account opening;

2. Company directors must bring their ID cards, valid passes or passports on the day of account opening;

3. Domestic company’s business license, (the account holder is a legal person or shareholder) copy (if any);

4. Domestic company’s purchase and sales invoices and contracts, for bank reference (if any);

5. Deposit HKD 10,000 into the company account and HKD 10,000 into the private account;

6. Open a comprehensive financial account, including savings , check, foreign currency (10 types), online banking account and letter of credit account, and provide an ATM card;

7. There are two types of bank passwords. The first set of passwords is sent to the customer, and the second set of passwords is sent to the customer. The customer needs to go to the bank in person to verify their identity before they can receive the password;

8. A company seal may be required during processing, so it is best to bring it with you;

9. Overseas companies submit information and The same is true for opening a Hong Kong company account. A search fee will be deducted when opening an account (deducted from the account);

10. The credit certificate can show the balance or not, but it must have a payee;

11. Signature witnessing can be done in Shenzhen, Shanghai or other overseas places, but it can only be done with the consent of the bank where the account is opened. This mainly depends on the strength or credibility of the account opening company. Since this type of account opening is more complicated, you can check with us before opening an account.

12. UBS can open offshore bank accounts in Shanghai;

· UBS Hong Kong local or offshore account opening conditions:

1. Company Business registration certificate (company registration document)

2. Company registration certificate (Hong Kong company, bvi company or other overseas company)

3. Annual return, first secretary and director Notice (company registration document)

4. Notice of change of secretary and director (company registration document)

5. Consent letter to serve as director (company registration document)

< p>6. Memorandum of the company, articles of incorporation and any amended articles of association or related articles of association of the board of directors (company registration documents)

7. Issuance of account opening documents (CERTIFIED TRUE COPY) (Hong Kong accountant or Hong Kong lawyer)

8. Copies of the identity document (passport or ID card) of the company owner, directors attending the board of directors, authorized signatories and long-term address proof (provided by the customer)

9. Company (bank where the account is opened) provided)

10. Account opening form (provided by the account opening bank)

11. Account authorization letter (provided by the customer or the account opening bank)

12. Seal card (account opening (provided by the bank)

13. Letter of introduction and interview report (provided by the customer)

14. Company customer information sheet (provided by the customer)

15. Basic information of the unit Table (provided by the customer)

16. Company structure chart (provided by the customer)

17. Hong Kong mailing address (HKBSS will provide it to the customer after the company is registered)

18. Arrange an introducer (Ruifeng serves as the introducer and sends a dedicated person to accompany the account opening process)

·When opening an account for an overseas company, the following supporting documents are also required:

1 . Certificate of incumbency of directors

2. Certificate of good standing

3. Business pool

★ Open a Swiss bank account in Hong Kong , the average monthly balance requirement is 1 million US dollars

★ Open a Swiss bank offshore account, the average monthly balance requirement is 1 million US dollars